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Today's question comes from Joseph in Ohio. Buckle up, Dave. Here we go. I'm looking into financing a boat to use like a house.

I know and understand your normal rules for buying a house. Ideally 20% or more down, less than 25% of take-home pay, 15-year-fixed,

and I know and understand the normal thoughts on buying a boat as a toy. Depreciating asset,

cash-only, value no more than 50% of yearly income when combined with all other depreciating

assets. This guy really knows your stuff, Dave. What I'm wondering is how out of line or not

I would be if I combined those two into a houseboat if I adjusted the formulas and compensated for the discrepancies properly.

The compensating factors I'm thinking about are buying something used with most of the depreciation already absorbed and financing with a higher down payment over a much shorter timeline.

The boat will have some depreciation as opposed to a house, but if I compensate

with extra savings, my thoughts are that this could work out similarly. As I know you would ask,

I'm currently 100% debt-free and have a fully funded emergency fund. Okay, a lot to unpack there,

emotionally and financially. But Joseph is saying, should I buy a

houseboat and can I do it with debt because I'm treating it like I'm getting a mortgage on a home?

Joseph, a boat is a trailer that floats.

He goes down in value.

You could buy a fully depreciated mobile home and make the same argument,

but it would still be a dumb 10-year plan.

I love boats.

Sun, in Ohio, that'll be cold in the winter.

Really freaking cold, living on the lake.

Oh, I can't imagine.

I like the lake, too, but I'm not living on the lake in the winter.

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